Silver Hits 4-week High

Silver increased to 60.94 USD/t.oz, the highest since July 2026. Over the past 4 weeks, Silver lost 1.89%, and in the last 12 months, it increased 60.86%.

Silver climbed above $61 an ounce on Wednesday, rising for the third straight session as investors assessed reports of an imminent deal to reopen the Strait of Hormuz, which could ease inflation concerns and lower the likelihood of near-term Federal Reserve interest rate hikes. On Tuesday, Qatar said an interim proposal had been prepared, while both Washington and Tehran signaled progress in negotiations to reopen Hormuz, triggering a sharp decline in oil prices. Markets trimmed expectations for a September Fed rate hike to around 57%, down from 67% a day earlier. Still, New York Fed President John Williams said inflation continues to move gradually lower but reiterated that the central bank stands ready to raise interest rates if price pressures persist. Investors are now awaiting a fresh batch of US labor market data for further clues on the Fed’s policy outlook, with ADP’s July private payrolls report due later today.

Silver surged more than 3% to around $59.5 per ounce on Tuesday, its highest level since July 10, as investors evaluated diplomatic efforts to ease US-Iran tensions and their implications for oil prices, inflation, and the Federal Reserve's policy outlook. US Treasury Secretary Scott Bessent said an agreement to reopen the Strait of Hormuz could be reached as soon as today or tomorrow, while Qatari Foreign Ministry spokesperson Majed al-Ansari said negotiations remain underway, with de-escalation and reopening the strategic waterway remaining the key priorities. The developments led markets to pare expectations for a September Fed rate hike, with the implied probability falling to 57%. Investors are now focused on upcoming US labor market data for further signals on the Fed's policy path. New York Fed President John Williams said inflation continues to move gradually lower but reiterated that the central bank stands ready to raise interest rates if price pressures persist.